Core Viewpoint - The article discusses the internal conflict within Tencent regarding the WeChat ecosystem and the impact of WeChat's ban on the Yuanbao red envelope activity, highlighting the challenges of balancing user experience and compliance with platform rules [5][12][13]. Group 1: Incident Overview - On February 4, WeChat blocked direct links to the Yuanbao red envelope activity, citing violations of its external link content management regulations related to "induced sharing" [5][10]. - Users must now perform cumbersome actions to access the red envelope, which disrupts the user experience and engagement [14]. Group 2: Yuanbao's Response - Yuanbao publicly acknowledged the issue and stated it is optimizing its sharing mechanism to enhance user experience [6]. - The company aims to ensure that the red envelope activity does not violate WeChat's guidelines while still attracting users [11]. Group 3: Internal Dynamics at Tencent - Tencent's internal discussions revealed concerns about the compliance of the Yuanbao red envelope activity with WeChat's rules, indicating a need for careful evaluation of user experience versus regulatory compliance [11]. - The company recognizes the importance of maintaining its credibility in managing third-party links while trying to innovate and attract users [12]. Group 4: Market Implications - The ban on Yuanbao's red envelope is seen as a significant setback for its 10 billion yuan promotional campaign, raising questions about the sustainability of user acquisition through such methods [13][15]. - The article suggests that Yuanbao must focus on product strength and user engagement beyond monetary incentives to retain users in a competitive landscape [15].

本文是由投资/产品专员而非分析师撰写的文章汇编。 它不构成研究报告，也不应被解释为研究报告，也不旨在提供 专业、投资或任何其他类型的建议或推荐。 CSIWM 个股点评 2026 年 2 月 4 日 腾讯控股 本文内容由 Kylie Kwok (郭凯欣) 提供 中信证券财富管理(香港) 产品及投资方案部 中国互联网行业 电话：(852) 2237 9250 / 电邮：wminvestmentsolutions@citics.com.hk 摘要 中信证券财富管理与中信里昂研究观点一致。根据中信里昂研究在 2026 年 2 月 3 日发布的题为《Games keep strong momentum》的报告，腾讯预计将继续交出稳健业绩，2025 年第四季度总收入和调整后 Ebit 同比大幅增长。 分析指出，网络游戏有望带来积极惊喜并实现同比增长，得益于常青游戏的稳健表现以及新爆款游戏《三角洲行动》 的推动。尽管宏观环境疲弱，广告业务预计仍将同比增长，主要受广告技术升级和交易增长的支撑。随着毛利率扩张， 利润预计将继续快于收入增长。分析指出，腾讯在 2026 年有望维持双位数的游戏增长和广告增长，并被视为全球拥 有最优 ...

2026年2月4日，微信派发文称，近期收到用户针对元宝的反馈和投诉，其相关春节营销活动存在通过"做任务""领红包"等方式诱导用户高频分享链接到微信 群等场景，干扰平台生态秩序、影响用户体验、对用户造成骚扰。 据悉，2026年春节，腾讯元宝上线"分10亿现金红包"活动，自2月1日起持续17天，用户可通过抽奖、做任务等方式参与。活动核心玩法需分享链接至微信等 渠道获取抽奖次数，导致微信好友、群聊、朋友圈被红包链接刷屏，形成病毒式传播。此番微信屏蔽元宝红包，一定程度上回应了网络上的"双标"争议。 经研判，微信已对元宝的违规链接进行处置，限制其在微信内直接打开。相关处置措施即日生效。PChome点击元宝的分享链接发现，相关页面确实已被屏 蔽，微信提示："网页包含诱导分享、关注等诱导行为内容，请长按网址复制后使用浏览器访问。" ...

Core Insights - The competition among major tech giants in the AI sector is intensifying, with significant cash incentives being offered to users during the upcoming Spring Festival [1][3] - ByteDance has planned approximately 160 billion RMB for AI capital expenditures in 2026, while Alibaba's previous estimate of 380 billion RMB may be conservative, indicating potential for increased investment [2] Group 1: AI Empowerment - Major companies are embedding AI capabilities into traditional business models, such as Alibaba's Quark browser being transformed into an "AI Super Box" by March 2025 [5] - Tencent launched the Qbot smart assistant in May 2025, upgrading its QQ browser to integrate various AI functionalities [5] - Baidu is set to transition its traditional search box to an "intelligent box" by July 2025, fully adopting AI-driven search capabilities [6] - Meituan has introduced an AI life assistant named "Xiao Mei" [7] - Didi has announced a strategic partnership with Zhipu AI, while Ctrip has upgraded its platform to "Intelligent Engine 3.0," enhancing AI-driven service experiences [8] - Nearly all internet entry points have transformed into "AI+" applications, with the exception of Pinduoduo [9] Group 2: Independent AI Applications - Companies are shifting focus from AI empowerment to independent AI applications, with Alibaba's "AI Super Entrance" strategy now centered on the Qianwen app, which has seen rapid user growth [13] - Doubao, a product from ByteDance, continues to expand its lead by securing sponsorship for the Spring Festival Gala [14] - Current independent AI applications show no clear winner, with average daily usage times remaining low, indicating potential challenges in user engagement [16][17] Group 3: AI Hardware - The competition has expanded from software to hardware, with ByteDance's Doubao phone selling out within a day of its launch, indicating strong market interest [19] - Privacy and security concerns are likely to be ongoing discussions, but the disruptive potential of Doubao's phone has raised alarms among other tech giants [20] - AI glasses have also gained popularity, with Alibaba's Quark AI glasses S1 selling out quickly and global shipments of smart glasses increasing significantly [23][24] Group 4: Strategic Directions of Major Players - Alibaba focuses on providing tool value through its AI applications, aiming to create a seamless service experience across its ecosystem [27] - Tencent emphasizes social value, with its "Yuanbao" platform allowing users to invite friends through WeChat and QQ, exploring new social dynamics in the AI era [29][31] - ByteDance aims to deliver emotional value through its AI products, fostering user engagement and emotional connection rather than efficiency [33] - The strategies of Alibaba, Tencent, and ByteDance reflect their unique strengths and market positions, with competition likely to encroach on each other's territories [39]

2026年2月4日，微信派发文称，经研判，微信已对元宝的违规链接进行处置，限制其在微信内直接打开。对此，元宝官微发布消息称："元宝正在紧急优化 调整分享机制，我们将尽快上线，确保用户抢红包体验。" 据了解，2026年2月1日，腾讯旗下AI产品元宝启动"上元宝，分10亿"春节营销活动，以分享链接领红包、增加抽奖次数（上限30次）为激励，引发微信群刷 屏。2月4日，微信安全中心以诱导分享、干扰生态、骚扰用户为由，依据《微信外部链接内容管理规范》，封禁元宝相关链接，微信内无法直接打开，需复 制到浏览器访问。 接近腾讯内部人士向《科创板日报》透露，优化调整后的元宝红包分享机制已启动，目前已紧急重新上线变更为"口令红包"。PChome在元宝点击分享按 钮，发现其已去掉直接分享到微信的功能，替换为复制口令。 ...

Group 1: Company Updates - Gong Youliang, the director and executive vice president of South Mining Group, plans to reduce his stake by up to 1%, amounting to 2.0172 million shares, due to personal funding needs [1] - Changan Automobile reported January sales of 134,701 units, a year-on-year decline of 51.14%, with new energy vehicle sales at 36,621 units, down 45.74% [1] - Yum China achieved fourth-quarter revenue of $2.82 billion, an 8.8% year-on-year increase, with adjusted earnings per share of $0.40, surpassing estimates [3] - Toyota plans to increase hybrid vehicle production by approximately 30% by 2028, targeting 6.7 million units, compared to a production plan of 5 million units for 2026 [4] - Panasonic announced the establishment of a Chief Artificial Intelligence Officer position to enhance AI application in customer solutions and internal operations [5] Group 2: Financing and Investments - Cloud Data Infrastructure provider "Yunqi Technology" completed a Series B financing round led by ALC Capital, with total funding exceeding 700 million yuan [6] Group 3: New Products and Innovations - Tencent's Mix Yuan AI Infra team launched an open-source high-performance LLM inference core operator library, HPC-Ops, which improved model inference performance by 30% for Mix Yuan and 17% for DeepSeek [7]

▲ HPC-Ops 算子库架构图 IT之家 2 月 4 日消息，腾讯混元 AI Infra 团队今日宣布推出开源生产级高性能 LLM 推理核心算子库 HPC- Ops。 该算子库宣称基于生产环境痛点，采用 CUDA 和 CuTe 从零构建，通过抽象化工程架构、微架构深度适配及 指令级极致优化等，降低底层算子开发门槛，将核心算子性能逼近硬件峰值，实现了性能突破。 在真实场景下，基于 HPC-Ops，混元模型推理 QPM 提升 30%，DeepSeek 模型 QPM 提升 17%。同时，在 单算子性能方面，HPC-Ops 实现 Attention 相比 FlashInfer / FlashAttention 最高提升 2.22 倍；GroupGEMM 相 比 DeepGEMM 最高提升 1.88 倍；FusedMoE 相比 TensorRT-LLM 最高提升 1.49 倍。 在未来的发展规划中，HPC-Ops 将持续深耕大模型推理性能的突破方向： IT之家附 HPC-Ops 开源地址如下： 一方面，将重点研发稀疏 Attention 算子，针对性解决长上下文大模型的内存与算力瓶颈； 另一方面，会拓展更丰富的量化策 ...

2026年春节临近，一场围绕人工智能（AI）超级入口的争夺战却已悄然打响。腾讯、阿里、百度等头 部科技企业纷纷重启"红包大战"，但与往年单纯拼手速抢现金不同，今年各家纷纷将红包激励与AI产品 深度绑定，试图借春节这一全民社交高峰，抢占AI时代的用户心智，争夺"国民级AI应用"的入场券。 业内普遍认为，春节是全年用户在线时长与社交互动峰值窗口，具备强传播性与高渗透率。头部厂商借 红包补贴快速触达海量用户，将AI产品嵌入拜年、发红包、集福等高频场景，旨在培养使用习惯、抢 占AI入口心智。此举并非单纯营销，而是以短期投入换取长期生态卡位，争夺下一代人机交互的默认 入口。 真金白银押注AI 红包背后的生态卡位 回溯互联网巨头们的春节红包玩法，自2015年开始春节便成了各大企业的流量入口。2015年腾讯微信通 过"摇一摇"以5亿元红包撬动移动支付格局，2016年阿里拿下春晚合作权，推出"集五福"玩法派发8亿元 红包；2019年，百度投入19亿元首次加入春晚红包战；2020年快手砸下10亿元以春晚独家互动合作伙伴 身份首次入局。 而今年春节期间，百度、阿里、腾讯三大互联网厂商集体加码，腾讯旗下AI应用"元宝"宣布派发10 ...

Group 1 - Tencent launched its first independent comic drama app "Fire Dragon Comic Drama" on February 4, emphasizing "free viewing" and claiming to include all online comic dramas [1] - The app is developed by a young team within Tencent Video, focusing on the application of AI technology in the comic drama field as part of an internal entrepreneurial and innovation attempt [1] - Chinese Online announced a collaboration with Tencent Computer for the authorization of animated micro-dramas, with an expected cooperation amount of 23.2 million yuan [1] Group 2 - The AI comic drama market in China is experiencing continuous growth, with the core market size expected to reach 59.46 billion yuan in 2025, representing a year-on-year growth of 20.0% [2] - The overall market size is projected to be 315.14 billion yuan in 2025 and is expected to exceed 700 billion yuan by 2030 [2] - Major internet giants including Baidu, Tencent, and ByteDance have all launched independent comic drama apps, indicating a competitive landscape in the market [1]

Group 1 - The core viewpoint of the article is the crackdown on excessive marketing and inducement sharing behaviors related to the Spring Festival, as announced by "WeChat faction" [2] - The company has taken measures to restrict the opening of illegal links related to "Yuanbao" directly within WeChat, effective immediately [2] - Yuanbao responded via its official Weibo, stating that it is urgently optimizing and adjusting its sharing mechanism, with a new mechanism to be launched soon to ensure a better user experience for grabbing red envelopes [2] Group 2 - The Yuanbao app has changed its WeChat sharing mechanism to a "password red envelope" format after adjustments [3] - The new red envelope is limited to three recipients [5]